We consider a possible second harmonic generation (SHG) of propagating collective excitations in a two-component Bose-Einstein condensate (BEC) with repulsive atom-atom interactions. We show that the phase-matching condition for the SHG can be fulfilled if the wave vectors and frequencies of the excitations are chosen adequately from different dispersion branches. We solve the nonlinear amplitude equations for the SHG derived using a method of multiple-scales and provide SHG solutions similar to those obtained for a SHG in nonlinear optical media. A possible experimental realization of the SHG for the propagating collective modes in a cigar-shaped two-component BEC is also discussed.